Zurich's local government-backed lender ends probation period linked to its 2018 settlement of criminal charges over helping wealthy Americans cheat on their taxes.
Zuercher Kantonalbank, or ZKB, paid $100 million three years ago to settle criminal charges with U.S. prosecutors – and is now released from a probationary period linked to the deal, the bank said in a statement (in German) on Tuesday.
The move concludes a ten-year proceeding over the Swiss bank’s dealings with U.S. clients. CEO Martin Scholl emphasized that the bank is gratified to put the issue to bed.
ZKB is one of a handful of banks including UBS which faced criminal charges – Pictet remains on the hook for these. Nearly 100 other Swiss banks were corralled into non-prosecution agreements between 2013 and 2014.
